Blockcap Adds Canaan Miner Hardware for Boosting Hashing Power
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Blockcap Adds Canaan Miner Hardware for Boosting Hashing Power

March 6, 2021      Jafrin Ahmed

North American bitcoin mining company Blockcap Inc. has announced the purchase of an additional 8,400 AvalonMiner mining machines 1246s from miner manufacturing company Canaan. The total number of Blockcap-operated miners to be deployed by Q4 of this year will bring over to 30,000.

Blockcap’s Canaan Mining Hardware to Bring Over 2 EH/s Hashing Power

Blockcap will deploy the new miners this year valued in today’s secondary market valuation at over $150 million. The purchase of the new Canaan miners will nearly triple Blockcap’s total hashing power compared to from six months ago.

In a statement, Clark Swanson, Blockcap’s CEO and Vice Chairman said on the deal with Canaan:

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“This acquisition builds on the hard work our team has done to elevate Blockcap as a leader in mining digital assets. We’re growing faster by the day, and we’re also excited about other critical moves that will soon be announced and which will see our best-in-class infrastructure continue to bring value through enhanced quality, reliability and transparency.”

Blockcap’s current operational miners with 10,000 fully operational miners are mining at roughly .95 Exahash per second (EH/s). Thus, the company can approximately mine about six bitcoin (BTC) per day.

With the new installation of the mining hardware, the hashing power of the company will increase to more than 2 EH/s. This will represent over one percent of the total Bitcoin network hashrate globally.

Canaan Up By Over 1,100% in the Past Six Months

Blockcap was founded in 2020 by two former executives of U.S. mining farm operator and blockchain-hosting company, Core Scientific.

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Last month, the bitcoin mining maker announced the purchase of 10,000 additional AntMiner S19 made by Bitmain to double its proprietary computing power.

Meanwhile, Nasdaq-listed cryptocurrency mining machine maker Canaan Creative has surged over 1,100% in the past six months alone, placing it among some of the top performers. The company has gained nearly 250% month-to-date outpacing the rise of cryptocurrency mining machines.

#AvalonMiner #Bitcoin Mining #Blockcap #Canaan Creative
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.